Green Thumb Industries profit nearly triples, powering past estimate

Green Thumb Industries Inc. said Wednesday its first-quarter earnings rose to $28.9 million or 12 cents a share, from $10.4 million, or 5 cents a share in the year-ago quarter. Revenue at the cannabis company increased 25% to $242.6 million from $194.4 million in the year-ago period as it opened 20 new stores and ended the quarter with 76 retail stores. Wall Street analysts expected Green Thumb Industries to earn 6 cents a share on revenue of $237.6 million, according to FactSet data. Green Thumb said the three months ended March 31st marked its seventh consecutive quarter of positive net income. “As I have said before, growth is not linear and there will be quarter-to-quarter fluctuations depending on when new markets open to adult-use sales as well as the timing of our infrastructure investments,” CEO Ben Kovler said. Shares of Green Thumb Industries are down 41.6% in 2022, compared to a decline of 41.7% percent by the AdvisorShares Pure US Cannabis ETF and a drop of 17.1% by the Nasdaq .

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